Slobodan Drvenica
Windsor Brokers
Gold price accelerated lower on Friday (down 1.7% so far), weighed by stronger dollar and profit-taking on overbought daily studies.
Pullback from new record high ($2483) was anticipated, due to significance of psychological $2500 barrier (next target) and overbought conditions.
Round-figure support ($2400) was dented today, but failure to register weekly close below here, would keep in play scenario of a healthy correction preceding fresh push higher.
Extended dips, on the other hand, would face supports at $2388 (daily Kijun-sen), $2366 (Fibo 61.8% retracement) and thin daily cloud (spanned between $2358 and $2352).
Res: 2411; 2417; 2438; 2450
Sup: 2388; 2366; 2358; 2350
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD struggles to recover above 1.0900 as markets remain cautious
EUR/USD stays on the back foot and trades below 1.0900 following Thursday's sharp decline. Dovish comments from European Central Bank officials and the risk-averse market atmosphere make it difficult for the pair to stage a rebound on Friday.
GBP/USD falls toward 1.2900, looks to post weekly losses
GBP/USD continues to push lower toward 1.2900 in the American session on Friday. Disappointing Retail Sales data from the UK, combined with the US Dollar (USD) recovery amid souring mood, causes the pair to stay under bearish pressure ahead of the weekend.
Gold extends daily slide, trades near $2,400
Gold's correction from the record-high set earlier in the week deepens on Friday. With the US Dollar (USD) benefiting from safe-haven flows and the 10-year US yield holding steady above 4.2%, XAU/USD tests $2,400 and looks to post small weekly losses
Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry
Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets.
Week ahead – Flash PMIs, US GDP and BoC decision on tap
US data awaited amid overly dovish Fed rate cut bets. July PMIs to reveal how economies entered H2. BoC decides on monetary policy, may cut rates again.